M&M allots $22.75M for expansion

By agencies   |   Thursday, 16 March 2006, 08:00 Hrs
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NASIK: Utility vehicle and tractor manufacturer Mahindra and Mahindra (M&M) said it will invest $22.72 million on capacity expansion and hoped exports to chip in as much as 20 percent to overall revenues in the next three years from the current levels of four-five percent. Announcing this, M&Ms Managing Director and Vice-Chairman, Anand Mahindra said, "We have set a target of 20 percent for the next three years. We will be expanding the capacity of our Nasik plant to 570 vehicles per day from the current levels of 330, for which we will be investing around $22.72 million spread over 12 to 18 months." The company sells its flagship model, Scorpio, in the SAARC countries, South Africa, Kenya, France Italy and South and Central America. It would be launched in Spain shortly, apart from the utility vehicles. The company has exported 4,900 units of utility vehicle in April-February period of the current financial year as compared to 3,000 units in the corresponding period a year ago. The company said 60 percent of the exports were that of Scorpio.

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